Only 3 weeks after falling on an earnings miss, Apple (AAPL +1.1%) is trading near its highs....

Only 3 weeks after falling on an earnings miss, Apple (AAPL+1.1%) is trading near its highs. Today's gains come with the help of Jefferies' coverage launch, and in spite of a report China Unicom (CHU) is thinking about ending iPhone subsidies. This isn't as big of a deal in China, where a large chunk of iPhone purchases are unsubsidized, as it is in the U.S., but could still have some impact on sales. The report follows one earlier this month claiming Unicom is thinking of slashing low-end Android subsidies.

Unicom would be foolish to cut subsidies on the iPhone when they are on the verge of a China Mobile expansion....they may leave themselves as the only major China carrier without the subsidy, risking a migration of a portion of their customer base.....